Watching the Olympics....

[Texan]

Was watching the Olympics last night and see just how many metals the USA has captured. My thoughts wondered to a story that broke a couple years ago about all the work and expense these athletes go thru to get welcomed home by the IRS with their hands out.

The U.S. Olympic Committee awards cash prizes to medal winners ─ $25,000 for gold, $15,000 for silver and $10,000 for bronze. But the money is considered earned income abroad and subject to IRS taxation ─ as much as 39 percent. U.S. Athletes — will pay 39.6 percent, or $9,900, on a gold medal — while those in the bottom tax bracket will pay 10 percent, or $2,500, for a gold. Many other nations do not tax Olympians for their medal prizes and some, such as Britain, don't give their medalists cash prizes at all.

Yep, the athletes have to pay taxes on all metals won.

8~\o

 

[rhino 2]

Was watching the Olympics last night and see just how many metals the USA has captured. My thoughts wondered to a story that broke a couple years ago about all the work and expense these athletes go thru to get welcomed home by the IRS with their hands out.

The U.S. Olympic Committee awards cash prizes to medal winners ─ $25,000 for gold, $15,000 for silver and $10,000 for bronze. But the money is considered earned income abroad and subject to IRS taxation ─ as much as 39 percent. U.S. Athletes — will pay 39.6 percent, or $9,900, on a gold medal — while those in the bottom tax bracket will pay 10 percent, or $2,500, for a gold. Many other nations do not tax Olympians for their medal prizes and some, such as Britain, don't give their medalists cash prizes at all.

Yep, the athletes have to pay taxes on all metals won.

8~\o

Why not pay taxes.....What are they special.... I pay taxes on my SS And withdrawals from my Retirement funds... Paid taxes all my life... Including my Combat pay in Nam...And ducking green tracers at that...

 

[keepinon]

I think one should be tax free, but when you consider athletes such as Michael Phelps, who has won 18 gold, 2 silver & 2 bronze medals... that's quite a payday, near 1/2 million dollars.

 

[mynameisearl]

As Andy told Aunt Bee, "Just pay the man".

 

[DblTrbl]

The actual cost of the "Gold" medal is around $564........The majority of what they pay in taxes if for the $25K that the USOC pays them if they win a medal.

I believe we are the only country that taxes our athletes for the success they have representing our country.

On the subject of military being taxes... I totally agree. It use to piss me off when I got taxed when I was living and serving overseas (9 years) when civilian contractors were "tax exempt" for the first $10,000 they earned while working overseas. Believe me, that $10K that they were exempt for was pretty close to my annual pay for a while.

 

[roadking2]

Why not pay taxes.....What are they special.... I pay taxes on my SS And withdrawals from my Retirement funds... Paid taxes all my life... Including my Combat pay in Nam...And ducking green tracers at that...

I don't think you got taxed on combat pay. I didn't anyway and even today, designated combat zones are tax exempt. I feel your pain on the SS tax though. They tax you to get it in the first place, then tax you again when you withdraw it. I can see the athletes paying on the money they get for winning a medal, but to tax them on the medal itself is overboard. I also feel it is unfair that many countries pay their athletes and we do not. It just doesn't seem right that some train and compete as their job, but many of the US athletes have to hold down a job to support themselves. Pro athletes are the exception since performing is their job and they are getting paid to do it, but for the most part, the US athletes are amateurs.